Dollar Hits Historic High Here’s How Twitterrati Reacted

Social media community shows disbelief and concern over dollar hike as it reaches all-time high of Rs 148 in the open market.

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USD to PKR: Dollar Rate in Pakistan hit Rs 148.5 in the interbank market

 

The price of the dollar against rupee touches an all-time high of Rs 148 in the open market. The dollar hike has concerned the public, who took to social media to voice their concerns.

At the beginning of the week, the US dollar had gained Rs 2 against the rupee in the open market. It was expected as there were strong speculations that rupee will depreciate to a significant extent.

Experts expected a dollar hike after bailout agreement with the International Monetary Fund (IMF) was signed. In its statement on the programme, IMF spoke about a “market-determined exchange rate”. Following it, the financial markets have not taken the word well.

Subsequently, speculations broke out in the forex markets as small and large investors started looking towards the greenback.

“The potential for higher rate of dollar is visible in the inter-bank money market” – a banker was recently quoted as saying. (Source: DAWN)

Previously, Secretary General of Exchange Companies Association of Pakistan Zafar Paracha predicted on Monday that the devaluation of rupee as a result of IMF agreement has depressed the market and it is expected to further devalue. 

“Fears of further devaluation as a result of the agreement with the IMF have depressed the currency market and the rupee may lose more against the greenback in the coming days” – he predicted on Monday. 


Also See – Pakistan Loans: A Brief History Of Relationship With IMF


Nation expressed concern over dollar hike:

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Dollar touches an all-time high of Rs147 in the interbank market

The greenback was valued at Rs 141.5 yesterday while climbed Rs 6.50 to hit a historical high today. The dramatic rise has concerned people.

The fall in the rupee’s value has come one day after Prime Minister Imran Khan established a committee to control the devaluation of the local currency and capital flight from Pakistan. Conversely, the experts have shown their disappointment as the IMF terms have been kept disclosed and might impact more in future. Here is what the people had to say:

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